EverFi Questions and Answers Already Passed

EverFi Questions and Answers Already
Passed
QUESTION 1


Which of the following conditions will maximize the amount of interest you earn? ✔✔A high

interest rate and long time period

A high interest rate and short time period

A low interest rate and long time period

A low interest rate and short time period

Answer: A




QUESTION 2


"Compounding frequency" refers to: ✔✔How often your interest rate is calculated and added

back into your account

How easily you can add money into your account

What type of interest your account earns

What interest rate you can expect from your account

Answer: A

, QUESTION 3


When would you need to use the Rule of 72? ✔✔To figure out the interest rate for your savings

account

To find out how long it will take your money to double

To estimate how much money you'll have in your account in 72 years

To calculate a reasonable monthly savings goal

Answer: B




QUESTION 1

John just opened a savings account and wants to maximize the amount of interest he earns.

Which of the following actions would enable him to earn MORE interest? ✔✔Selecting an

account with a high interest rate.

Leaving his money in the account for long period of time.

Transferring money into his checking account each month.

Both A & B

Answer: D




QUESTION 2